NEW YORK (CBS 2) — When ball drops in two weeks, Americans will not get hit with tax increases, no matter what their economic status is, Kathryn Brown reports.

In a rare midnight session, the House of Representatives approved a sweeping tax cut package. The deal extends the tax rates that were in force for years and were set to expire on December 31 for everyone for two more years, even high-income earners, extends unemployment benefits for an additional 13 months, and cuts estate taxes to 35-percent with a flat-out $5 million exemption.

It comes a little more than a week after President Obama struck a deal with Republicans, but liberal Democrats have been strongly opposed to the deal.

Overnight, New York Congressman Anthony Weiner, who voted no, said “we have shown a lack of courage and foresight that may lead from one politically expedient compromise to the next, and eventually the permanent extension of these unfair and ruinous tax cuts for the wealthiest Americans.”

Supporters, including Long Island Congressman Peter King, said “this is the class warfare that liberal democrats can’t resist. The upper income people we’re talking about are the ones that create the jobs, produce the jobs who make the economy go up and we have a large number of those people living in New York.”

“We have the highest number of upper income, there’ll be more money to spend, small businesses will expand, this is a win-win for New York,” King said.

The Senate already approved the tax deal and it now goes to the president’s desk for signature.

One Comment

Both parties are highly responsible. Both parties have unnecessary pet programs. How will we pay for this? Instead of cutting taxes for the rich, why not have tax breaks to create more jobs. How many jobs moved overseas. I would rather pay a higher price for goods and services, than see my follow Americans out of work. Prices will rise for goods and services regardless. We’re paying for the top 1% bonuses. The more savings there are the higher their compensation. Look at Europe they are paying a high price for their social programs. It seems Germany has it some what correct. The population is very productive. Taxes are a little high. However, jobs are protected and tax dollars actually go to improving quality of life.

I heard Rep Peter King’s remark, which I will paraphrase; “wealthy should not be taxed because they will create the jobs that are needed”. Rep King, do the American People have “stupid or idiot” written on their foreheads? How are “wealthy individual” private citizens, going to create jobs, when they will not be paying higher taxes? Do you or did you mean Corporations? Are you afraid of having to “lose a few more bucks” yourself? You are a greedy politician, who thinks only of his pocket, and not of the average working person. How do you feel about not making enough money and having to pay $3 a gallon for gas to get to work. OOPS, you don’t have to worry about that. Get Real Rep King, open your eyes to the REAL WORLD, or WALK A MILE IN MY SHOES.